2019 Tierra Verde Real Estate Market Review

Generalized data analyses of broad real estate markets are readily available from numerous sources. But in-depth data indicators of market movement on a local/neighborhood level is hard to come by unless you ask an expert. This targetted analysis digs into the data spanning 2006 through 2019 specifically for Tierra Verde to draw a clear picture of where we were, where we are, and perhaps where we’re headed.

This summary attempts to make the data relevant to individual owners on Tierra Verde by looking at sales activity divided into six core real estate market segments on our island:

off-water flats (condos),

on-water flats (condos),

off-water townhomes,

on-water townhomes,

off-water single family homes, and

on-water single family homes.

Sales of vacant land are not included.

Although there are legal distinctions between “townhouse” and “condominium,” for the purpose of this analysis a townhouse is considered to be a multi-level residence located in a community that offers common elements for the exclusive enjoyment of residents in that community. “Flats” are single-level condos in a community that also offers common elements for the exclusive enjoyment of residents in that community. I make this distinction because buyers pay more attention to layout and functionality of residential space than they do to legal definitions of the property style. Appraisers also give more consideration to the physical layout of units than their legal definition when selecting comparable properties for appraisals.

Likewise, for the purposes of this analysis a condominium or townhouse is considered to be “on water” only if a broad view of the water can be seen from inside the residence. So, if a condominium or townhouse is located in a waterfront community but the water can not be seen from within the residence, it is categorized as “off water.”